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The most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for January 2021 delivery, trending downtrend since the start of September, slid further this week, losing another Yuan 74/tonne ($10.8/t) from the settlement price on September 18 to end the daytime trading session on September 25 at Yuan 3,522/t. Futures market watchers say the contract’s slide is symptom of tight liquidity in China now.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills Mysteel regularly canvasses emptied for the fourth straight week over September 17-23, thinning by another 0.5% on week to 6.63 million tonnes, mainly thanks to improved demand from steel users and the reduction in output among mills, according to Mysteel’s latest weekly survey.
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Stocks of the five major steel items held by Chinese traders declined for the third successive week over September 18-24, dipping by another 1.1% on week, as against the 0.7% on-week decline seen in the prior week, Mysteel Global’s latest survey shows. Nevertheless, market sentiment was still comparatively bearish, survey respondents observed.
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China’s steel export prices weakened over September 14-18, their first decline since early May, as steel suppliers – especially traders – lowered their offers when domestic demand turned slack, Mysteel’s latest weekly survey has found. Export trading increased after the gap in prices between Chinese products and those of rivals closed, respondents said.
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Rebar output from China’s 137 sampled steelmakers has been range-bound since the middle of July due to frequent but short-time maintenance, and as of September 10-16, the volume reversed up 0.3% on week to 3.7 million tonnes, according to Mysteel’s latest weekly survey.
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China’s domestic prices of hot-rolled coil (HRC) declined for the second week, down another Yuan 28/tonne ($4.1/t) to Yuan 3,950/t including the 13% VAT as of September 18, Mysteel’s data showed, as both the domestic demand and market sentiment softened.
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The prices of both rebar and hot-rolled coil (HRC) in China’s physical market declined further over September 14-18, as the domestic steel production remained stable while the demand recovery was below the expectation, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Stocks of the five major finished steel products at China’s 184 steel mills slipped for the third consecutive week though by 0.4% on week over September 10-16, as the consumption among the end-users inched up with the pleasant weather in most of China, offsetting the slightly higher production, according to Mysteel’s latest weekly survey.
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Steel stocks at Chinese traders’ warehouses declined further and faster over September 11-17, thanks to the firm end-user demand over the period, even though market sentiment stayed gloomy, Mysteel Global noted.
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The spot price of the high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia stayed unchanged at Yuan 5,800/tonne ($853/t) including 13% VAT as of September 16 after three weeks of rises, as both the traders and stainless plants slowed down their paces of buying from the prior weeks, according to Mysteel’s latest weekly report.
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China’s steel export prices continued to rise over the past week and transaction volume grew, mainly due to the steadily narrowing price gap with the Chinese mill competitors in the international steel market, according to Mysteel’s latest weekly survey.
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China’s weekly rebar output from 137 sampled steelmakers reversed down again after one-week increase, falling 2.8% or 107,800 tonnes on week to 3.7 million tonnes over September 3-9, mainly as a group of producers conducted maintenance on their rolling mills or trimmed their output during the period, according to Mysteel’s latest weekly report.
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China’s price of Q235 4.75mm hot-rolled coil (HRC) declined by Yuan 55/tonne ($8.1/t) on week to reach Yuan 3,978/t including the 13% VAT as of September 11, as market sentiment softened amid rising production and plummeting futures prices, Mysteel Global noted.
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In August, China’s blast-furnace steel mills saw most of their steel margins squeezed by higher production costs especially with the multiple-year high imported iron ore prices, according to Mysteel’s latest monthly report.
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China’s prices of rebar and hot-rolled coil (HRC) reversed down over September 7-11, as the market optimism was dampened moderately on lower-than-expected actual demand, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Steel futures prices on the Shanghai Futures Exchange (SHFE) softened over the week of September 7-11 as market sentiment turned weaker. Steel consumption has failed to improve to the extent that the market had expected over the busy season over September-October, fuelling trepidation about future trends, Mysteel Global understands from industry sources.
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Stocks of the five major finished steel products at the 184 Chinese steelmakers Mysteel surveys weekly continued to empty over September 3-9 as a consequence of lower steel output and steady demand from downstream users, according to Mysteel’s latest weekly survey.
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Chinese traders saw their stocks of the five major steel products remain generally stable over September 4-10, with the total down by a mere 3,400 tonnes on week, given the lower production, Mysteel Global noted. Actual demand remains static as well.
